SEATTLE, WA – Rents in the West’s tech job centers are predicted to be among some of the fastest growing across the nation over the next year, according to the latest Zillow Rent Forecast for August 2016 to August 2017, which predicts rent trends down to the zip-code level across the U.S.

Rents in Seattle and Portland are expected to rise the most over the next 12 months — Zillow forecasts rent growth of more than 7 percent in Seattle and 6 percent in Portland. Denver, San Francisco and San Jose are forecasted to see rent appreciation of more than 4 percent. Only 11 of the 35 largest metros will see a slowdown in rents.  

Quick rising rents in the West continue a trend that’s been happening over the past several years. Seattle, Portland and Sacramento reported the fastest rent appreciation over the past 12 months. Last year, Miami and Boston were among the 10 fastest-growing rental markets, but over the next year San Jose and Cincinnati will replace them on the roster of the 10 fastest growing rental markets. Cincinnati is the only Midwestern metro to make the list.

Job opportunities and high salaries are drawing millennials to tech centers like Seattle and San Francisco, but the demand for a limited number of rental units available continues to drive up costs. Rents in these areas have been growing rapidly over the past year, with Seattle reporting the fastest growth at nearly 10 percent.

“High rent growth in these markets is being driven by high demand and low supply,” said Zillow Chief Economist Dr. Svenja Gudell. “We have more renters today than in the past and most newly formed households are renter households. This taken together with a lack of new rental construction at less expensive price points has been a recipe for rising rents. There is excellent news for renters on the horizon, though. Current renters in these markets can expect rents to slow down a bit over the next year. Instead of the 10 percent rental appreciation we’ve been seeing in some places, expect growth more along the lines of 4 to 7 percent. This is still high, but will hopefully give renters some relief.”

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MEXICO CITY, MX – HASTA Capital, a real estate private equity firm focused on rental residential housing in Latin America, announced the launch of its operations. Led and co-founded by former Greystar senior executives, Mark Hafner and Rodrigo Suarez, HASTA is focused on the investment, development and property management of residential multifamily rental housing in Latin America. HASTA will be headquartered in Mexico while the firm also evaluates opportunities in multifamily rental, student housing and senior housing in South America.

“The multifamily rental sector has flourished in the U.S. for over a half century and today represents the largest component of institutional real estate investment in the U.S.,” said Mark Hafner, HASTA’s Chief Executive Officer. “Across Latin America, the multifamily rental sector is a nascent industry, but that is changing rapidly. Demographic and socioeconomic trends, a rapidly growing middle class and a deficit of quality housing are fueling robust demand for high quality urban rental housing. The multifamily industry is poised for exponential growth in Latin America and presents one of the most compelling investment opportunities in global real estate over the next decade.”

While at Greystar, the HASTA team built the first institutional rental residential platform in Latin America and were leaders in pioneering the rental residential sector in the region. Prior to founding HASTA, Mr. Hafner was Senior Managing Director at Greystar, the largest operator of rental apartments in the United States. During 12 years at Greystar, Hafner led the acquisition and development of over $9 Billion USD of multifamily rental and student housing properties and led Greystar’s international expansion into Europe and Latin America.

Mr. Suarez, the Chief Operating Officer of HASTA, will also lead the firm’s operations in Mexico. Prior to founding HASTA, Mr. Suarez was Managing Director of Greystar’s Latin American business where he oversaw all of Greystar’s development, investment and property management activities in the region. “We are incredibly excited by the potential of the asset class in Latin America,” said Suarez. “These markets are primed for a sophisticated investor and developer to take advantage of this opportunity.”

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GREENVILLE, SC – PRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of 98 East McBee Apartments, located in Greenville, SC. 98 East McBee is a 55-unit luxury apartment community situated in the heart of downtown Greenville, South Carolina.

With a main-and-main address and condo-grade finishes, 98 East McBee is the pinnacle of luxury apartment living in Greenville. Proximity to major employers such as BMW, Michelin, and Fluor along with regional attractions such as Falls Park on the Reedy, the Swamp Rabbit Trail, and the Bon Secours Wellness Arena appoints the property as the Live-Work-Play community in the region.

Completed in 2014, 98 East McBee has some of the largest floor plans found in the urban core of the city with the apartment homes averaging 1,028 square feet. Unit interiors are of condominium-level quality and feature luxury amenities such as 10 foot ceilings, granite counter tops, stainless steel appliances, walk in closets, washers and dryers and door-less walk-in showers. The property’s leasing office and community room will undergo the most substantial updates, with new flooring, furniture and fixtures. “98 East McBee will be our 3rd property currently in the Greenville market,” states COO Kathleen Betz. “We are excited to take on the management of a luxury apartment community that possesses one of the most desirable addresses in the downtown Greenville market.”  

Founded in 1985 by Steven Berger and Jon Goodman, PRG Real Estate is a Philadelphia based real estate firm that buys and manages quality apartment communities throughout the eastern half of the United States. Since its founding PRG has bought well over 50 communities and 13,000 apartment units. PRG also has been designated as an Accredited Management Organization by the Institute of Real Estate Management (IREM) and holds membership in the National Apartment Association (NAA) as well as the National Multifamily Housing Council (NMHC).

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